PayID is the easiest and most popular way to make a deposit on Cointree. PayID enables near real time transfers of money, meaning that your deposits will generally be available for you to use on Cointree, within seconds for making a PayID deposit from your mobile or Internet banking app.
To deposit using PayID, create a payment from your mobile or internet banking app, using the "email" PayID type. Then enter the reference shown on the PayID deposit page and the amount you would like to deposit to your Cointree account.
The PayID details displayed on the deposit page is unique to your account and will remain the same for each deposit you make. This means you can save these details in your online or mobile banking address book to use for your next deposit.
Are there any fees for using PayID?
PayID deposits on Cointree are free.
Are there any limits for depositing with PayID?
Standard deposit limits will apply, which are:
- Daily deposit limit: $50,000 AUD
- Maximum deposit size (per transaction): $50,000 AUD
- Minimum deposit size (per transaction): $25 AUD
Increased account limits are available, which will increase the amount you will be able to deposit per day. You can apply for higher limits by contacting our Support Team.
Outside of the deposit limit we support PayID transactions of up to $50,000 AUD in size. Please note that some banks may have smaller PayID transaction limits.
How long will my PayID deposit take to process?
Deposits using PayID are near-instant, meaning they will generally show up in your Cointree account within seconds of completing the transaction in your banking app.
Why is my PayID deposit delayed?
While PayID transactions are generally near instant, there are some scenarios where payment may be delayed.
If you suspect your PayID deposit has been delayed, the first step is to check your banking app to see if the transaction has left your bank account.
The most common reasons for PayID transactions to be delayed are:
- Additional security measures that some banks apply for first time PayID transactions, which can result in your first deposit to us being delayed by up to 24 hours. This generally will only apply to your first PayID Deposit, with subsequent deposit following the typical, near instant processing times.
- Some banks can apply transaction size limits for PayID transactions, where amounts that exceed this limit will be transferred as a traditional online transfer, which will take 1 - 2 business days to process. Generally you will be prompted in your banking app when this occurs.
- We only accept deposits from bank accounts that are owned by the same person as the Cointree account holder. Deposits sent from accounts that are not clearly identifiable as belonging to the account holder will require additional proof of bank account ownership in order to be approved. If this does occur, our support team will reach out to you with further details.
Why don’t I have an option to use PayID in my banking app?
While PayID is widely supported, there are still some banks that have not added support for the technology. If your bank does not yet support PayID, you will still be able to use the “Online” Deposit option.